Similarly, consolidating can make your budget more manageable by lowering your minimum monthly payment.
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When companies advertises that they can "save you money," what they are usually referring to is simply a reduction in your total monthly payments -- not a savings in the cost of paying off your debt in full.
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The calculation is based on the information you provide and is for illustrative and general information purposes only.
For example, if you're carrying balances on three different credit cards with interest rates of 10% , 15%, and 22% respectively, you may be able to combine those three cards into one payment with an interest rate of about 12%.
A simple grouping could save you thousands every year and ease the pressure on your budget.
Next, enter the consolidated loan's rate, term and any origination fees that might apply and click the "Figure Consolidating Costs" button.
Debt consolidation allows people who are struggling with their finances to group their obligations into a single payment.
Starting with the first line of entry fields, enter each of your obligations, along with their corresponding principal balances, APR and monthly payment amounts (the last two columns are automatically filled in by the calculator).
Once you have entered everything you wish to consolidate, click on the "Calculate Current Debts" button.
But there are myriad financial options to help you reduce the strain on your budget and group your obligations together into one umbrella payment.